Agenda Item #19
Contract for Professional Insurance Brokerage Services with Arthur J. Gallagher & Co. - Boca Raton
Arthur J. Gallagher & Co. will provide the District with commercial insurance brokerage services for the District's insured exposures such as: property, errors and omissions, crime, excess workers' compensation, excess auto and general liability, student accident, under/above ground fuel storage, boiler and machinery, terrorism, cyber liability, flood, etc. In addition, they negotiate the purchase of public official bonds and act as the District's liaison in any claim or insurance coverage dispute. The retail broker's sole payment for these services is 3% of the commission offered to the broker by each insurance carrier providing coverage to the Board. Should the broker express a need to utilize an intermediary to assist them in the placement of complex insurance placements such as the District's property insurance policies, an additional fee of up to 5% of the commission offered to the broker by each insurance carrier providing coverage to the Board, may be paid to the intermediary. In no case will the commissions, in total, exceed 8% of the commission offered to the broker by the carrier. All additional commissions offered to the broker by the carrier will be used by the broker to provide the District with loss control services such as property appraisals, safety evaluations, and other similar claim frequency and/or severity reduction programs.
Approve the contract for Professional Insurance Brokerage Services with Arthur J. Gallagher & Co. - Boca Raton.
Information - 10/14/2014
Consent after Information10/28/2014
Authority for Action
Board Policy 8710, 8740, and Florda Administrative Code 6A-1-12(15)
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Agenda Item will not Require the Expenditure of Funds
Mark Langdorf, Director, Office of Risk Management, Ext. 620 Judy Preston, Associate Superintendent of Financial Services, Ext. 600
Attachment: 2014-17 Property Casualty Broker Agmt - Draft 10-01-14.pdf